Those are the findings of Dr. Franklin Glaser of the National Paper-Testing Institute in Bethesda, Md., who says that Enron stock certificates are printed on paper that is “far below acceptable standards for negotiable securities” and that has “no value” for such other purposes as gift-wrap or place mats.
“People stuck with Enron stock in their 401(k) accounts may have comforted themselves with the thought that they could use it to make festive paper hats,” Glaser says. “Unfortunately, if they try to fold an Enron stock certificate, it will dissolve into dust.”
Not only are Enron shares worthless, they may actually be dangerous, Glaser says.
“In lab tests, our team found that Enron certificates, on occasion, spontaneously combust or explode when touched,” Glaser says. “This makes them highly unsuitable for most uses in the home or office.”
It is extremely unusual, Glaser says, for stock certificates to be printed on paper stock that dissolves, burns up or explodes when handled, but his team has a theory to explain the phenomenon.
The paper experts believe that Enron stock was mistakenly printed on a special self-destructing paper stock intended for Enron spreadsheets, accounting statements and transcripts of meetings with Vice President Dick Cheney.
